If you’ve been living in a family house, rent free for two years and you have to go via Manuel I would hope that you’ve either paid off a ton of debt or saved money during that. Because it would be an exception due to the lack of rental history.
Great video Jen. Can you make a VA IRRRL refinance updated video? I bought last year when interest rate was very high. It’s been over 210 days since first payment and 7 on time payments. I keep getting letters to refinance with VA IRRRL. My interest rate is in the mid 6% and some of them are offering rates 1.6% lower than my current interest rate. Is now a good time to use the VA IRRRL or wait till June when we get the first fed rate cut?
I would 100% suggest waiting right now. any of the lenders promising rates way lower are charging a lot in fees and you want to avoid that so hold out. I have a February Refinance update coming soon but I know there’s a lot of mail out there making stuff look a lot better than reality. They’re just trying to get you to call And then hoping you never look at the loan estimate or pay attention to the numbers
Hi Jen! Great content as always. Have a debt question. Currently working with a debt relief company as of this year to reduce my credit card debt. Make my front-end ratio look better. Would getting a VA underwrite, auto or manual, be difficult for me, with the late payments, although the debts are settled, and I have documentation I used a debt relief company and paid them timely to handle the settlements?
Debt settlement can be an issue. The Kates are still going to come into consideration because even if you paid it in full, you still have the lates within last year. Basically I would expect that you will need to wait for a year from your last late and then go manual as debt negotiation can throw underwriting findings for awhile. Work on rebuilding your credit and stacking cash in the mean time.
Thank you so much for helping me with the question. I definitely understand. This gives me a more realistic timeline in regards to reaching out for underwriting after the debts are settled and a plan for what to do in the mean time. Thanks Jen!@@JenniferBeeston
